Here are the important features of Co-ownerships. 

• Buyer obtains ownership of a percentage interest by deed.
• Buyer gains exclusive right to occupy a specific unit through a registered Co-ownership Agreement and the provisions of the Co-ownership Agreement.
• Buyer gains a percentage interest in the common areas of the building.
• Buyer becomes a member of the Co-ownership Corporation which:
  • manages the affairs of the building according to the Co-ownership Agreement, the corporation by-laws, and/or private contracts.
  • represents the interests of the owners.
• Buyer can individually finance her/his unit.
• Buyer is assessed for percentage share of common expenses, based on the size of the unit in comparison to the whole building.
• Co-ownership Agreement requires a reserve monetary fund to be established for maintenance of building.
• Buyer can participate in management decisions by sitting on the Board of Directors and voting at Annual General Meeting.
• Buyer is subject to the Co-ownership Agreement rules and by- laws and other contractual documentation of the Co-ownership Corporation.
• Buyer does not need consent of the other co-owners of the Co-ownership Corporation to sell, rent or mortgage her/his unit.
• Sale of unit is subject to receipt of an Estoppel Certificate which identifies any outstanding payments, assessments, or legal actions re unit or Corporation.
• Co-ownership has yearly audited financial reports issued to all shareholders and is self-managed or managed by a professional management company.

(Prepared by Martin K.I. Rumack, Barrister & Solicitor and a leading authority on Co-ownership properties.)